AMETEK to Acquire Zygo
Zygo’s 2013 revenues declined 11.9% due to reduced capital spending by the automotive, semiconductor and other industries. However, for the six months ending December 31, 2013, sales grew 18.0%, gross margin expanded 510 basis points to 48.9% of sales and adjusted net income soared 193.9%. AMETEK’s metrology businesses include Solartron and Taylor Hobson.
Berwyn, PA and Middlefield, CT 4/11/14—AMETEK, a global manufacturer of electronic instruments and electromechanical devices, has agreed to acquire publicly held Zygo, a provider of optical metrology solutions, high-precision optics and optical assemblies. AMETEK will acquire Zygo’s outstanding common stock at price of $19.25 per share, a 31% premium over Zygo’s closing price on April 10. The transaction is valued at $280 million, including Zygo’s outstanding equity awards and net cash. “Zygo’s leading position in noncontact optical metrology nicely complements our strength in contact metrology and enables us to offer our customers a full range of metrology solutions,” commented AMETEK Chairman and CEO Frank S. Hermance. Zygo generated revenues for the fiscal year ending June 30, 2013, of $162 million. The acquisition is expected to close in the second quarter.
